NELFUND Disburses ₦86.3 Billion in Student Loans to Over 450,000 Beneficiaries

The Nigerian Education Loan Fund (NELFUND) has officially announced a significant milestone in its mission to make higher education more accessible to Nigerian students. Since the launch of its student loan portal on May 24, 2024, a total of 449,039 students have benefited from the scheme, with cumulative disbursements reaching ₦86,347,458,384 as of August 6, 2025.

Breakdown of Disbursements

According to the Daily Status Report released on Monday, August 11, 2025, the total amount disbursed so far includes:

₦47,629,338,384 paid directly to 218 accredited institutions as tuition fees.
₦38,718,120,000 transferred directly to students as upkeep allowances to cover living expenses.

This initiative ensures that beneficiaries receive both academic funding and personal support, reducing financial burdens and enabling them to focus on their studies.

Application and Registration Statistics

The NELFUND dashboard data also reveals impressive participation figures:

731,140 students have registered on the portal.
720,732 students have successfully completed loan applications, marking an outstanding 98% application success rate.
There has been a daily increase of 933 new successful registrants and 1,094 additional successful applicants.

Alignment with the Renewed Hope Agenda

In its statement, NELFUND emphasized that the scheme is part of President Bola Tinubu’s Renewed Hope Agenda aimed at empowering Nigerian students through affordable access to higher education funding.